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NexLiving Communities Enters into Definitive Agreement to Acquire 47 Unit Multi-Family Property in Saint John, NB
NexLiving Communities Enters into Definitive Agreement to Acquire 47 Unit Multi-Family Pr...
About this update from Nexliving Communities Inc
[{"type":"text","content":"\n \n \n \n NexLiving Communities Enters into Definitive Agreement to Acquire 47 Unit Multi-Family Property in Saint John, NB\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n NexLiving continues to deliver on the strategy of acquiring premium properties within its key 55+ active living demographic\n \n \n \n \n Acquisition of 47 units in\n \n Saint John\n \n will grow the overall number of suites in the Company's portfolio by approximately 9%\n \n \n \n \n Attractive cap rate of 5.1% and mortgage rate of 1.95%\n \n \n \n \n Building was constructed in 2020 and is fully leased\n \n \n \n \n \n HALIFAX, NS\n \n ,\n \n June 17, 2021\n \n /CNW/ - NexLiving Communities Inc. (TSXV: NXLV) (\"NexLiving\" or the \"Company\") announced today that it has entered into an agreement to acquire Village View No. 4 Limited Partnership, whose sole asset is a 47 unit multi-family rental property located at 49 Noel Avenue,\n \n Saint John, New Brunswick\n \n (the \"Noel Property\" or \"Acquisition\"). The purchase price for the Noel Property is\n \n $12,750,000\n \n , subject to customary adjustments, which will be paid by the issuance of 3,750,000 common shares of NexLiving to the vendors at a price of\n \n $0.20\n \n per common share, the assumption of a first mortgage in the amount of approximately\n \n $9,400,000\n \n and the balance in cash. The Noel Property is 100% leased and generates a run-rate net operating income of approximately\n \n $650,000\n \n , which implies a capitalization rate at the time of the acquisition of 5.1%. The mortgage has a 3-year term and a fixed interest rate of 1.95%.\n \n \n \n \n \n \n \n \n \n The Acquisition is an arm's length transaction and is subject to customary closing conditions for transactions of this nature. The Acquisition is also subject to TSX Venture Exchange approval. NexLiving expects the closing of the Acquisition to occur on\n \n June 30, 2021\n \n .\n \n \n \n Description of the Noel Property\n \n \n \n The Noel Property is a high quality, 47 unit, multi-family building, constructed i...